A Fha Reverse mortgage is a special type of home loan that enables homeowners to convert a portion of their equity into cash. The equity built up over years of home mortgage payments and appreciation can be paid to you. You choose how you want to withdraw your funds, whether in a fixed monthly amount, a line of credit or lump sum of cash or a combination of all 3.
Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence or they pass away. The loan also becomes due and payable if:
The U.S. Department of Housing and Urban Development (HUD) Home Equity Conversion Mortgage (HECM) provides these benefits, and it’s federally-insured as well.
Questions? Contact us or call Toll Free 1-800-630-0650